{"id":1050798,"date":"2025-01-16T11:11:17","date_gmt":"2025-01-16T16:11:17","guid":{"rendered":"https:\/\/democrats.org\/?p=1050798"},"modified":"2025-01-16T11:11:17","modified_gmt":"2025-01-16T16:11:17","slug":"today-trumps-billionaire-cabinet-picks-want-to-give-themselves-another-round-of-special-favors-and-tax-handouts","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/today-trumps-billionaire-cabinet-picks-want-to-give-themselves-another-round-of-special-favors-and-tax-handouts\/","title":{"rendered":"TODAY: Trump\u2019s Billionaire Cabinet Picks Want to Give Themselves Another Round of Special Favors and Tax Handouts\u00a0"},"content":{"rendered":"\n
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In response to several of Donald Trump\u2019s billionaire Cabinet nominees kicking off their hearings on Capitol Hill today, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump\u2019s billionaire Cabinet picks aren\u2019t focused on what\u2019s best for the middle class \u2013 just what\u2019s best for their own bottom lines. On the campaign trail, Trump promised his billionaire donors new handouts and special favors for campaign cash, and now those same ultra-wealthy backers are cashing in and planning to stick working families with the bill. Democrats are ready to stand up against Trump and his billionaire Cabinet picks\u2019 out-of-touch, unpopular agenda that will line the pockets of Wall Street, not Main Street.\u201d <\/p>\n\n\n\n

Today, Donald Trump\u2019s Wall Street billionaire Treasury Secretary pick Scott Bessent is on the Hill for his confirmation hearing \u2013 and ready to push Trump\u2019s extreme Project 2025 economic agenda to rig the economy for the ultra-wealthy. <\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cTrump offers billionaire Scott Bessent Treasury secretary role<\/strong>, sources say.\u201d <\/p>\n\n\n\n

Washington Post<\/a>: \u201c\u2018Dancing in the street\u2019: Some Wall Street banks are triumphant heading into Trump era\u201d<\/strong><\/p>\n\n\n\n

\u201c\u2018The nation\u2019s biggest banks have just in the past few weeks notched some major wins in Washington<\/strong>, as President-elect Donald Trump prepares to take office, promising even less regulation.\u2019 …<\/p>\n\n\n\n

\u201cConsumer advocates say delays to tougher rules in the weeks after Trump\u2019s win don\u2019t bode well for consumer protection or financial stability. They also say Trump is likely to return to a practice of filling top positions with Wall Street executives<\/strong>. …<\/p>\n\n\n\n

\u201cNow, Trump officials who will have a say on how any future capital plans are crafted are expected to push for a revamped approach that could entail a much smaller capital increase for big banks, potentially saving the firms billions.<\/strong>\u201d<\/p>\n\n\n\n

US News<\/a>: \u201cAs a money manager, Scott Bessent\u2019s years of inconsistent performance have contributed to a nearly 90% decline in his hedge fund’s assets.<\/strong> Now, with some clients gone, he is scoring on perhaps his biggest bet yet: President-elect Donald Trump.\u201d<\/p>\n\n\n\n

Trump\u2019s Interior Secretary pick Doug Burgum also has a long record pushing Trump\u2019s failed MAGAnomics agenda of putting ultra-wealthy people like him and big corporations ahead of working families. <\/strong><\/p>\n\n\n\n

Burgum<\/a>: \u201cOur state has built a strong and growing economy on reducing individual and corporate income tax rates, common-sense regulations and a business-friendly environment, and this federal tax reform legislation \u2013 combined with the Trump administration\u2019s tremendous progress in rolling back burdensome regulations \u2013 will spread those principles nationwide.\u201d<\/p>\n\n\n\n

Burgum<\/a>: \u201cHis policies are all in the right direction. If you\u2019re a billionaire \u2026 you should be voting for [Trump].\u201d<\/strong><\/p>\n\n\n\n

CNBC<\/a>: \u201cTrump VP prospect Doug Burgum and GOP megadonor Harold Hamm are allies in business and politics\u201d<\/p>\n\n\n\n

Doug Burgum<\/a>: \u201cI believe in these economic policies, I believe the tax bill is a great thing.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump makes sweeping promises to donors on audacious fundraising tour\u201d<\/strong><\/p>\n\n\n\n

\u201cAs he closed his pitch at the Pierre Hotel, Trump explained to the group why it was in their interest to cut large checks. If he was not put back in office, taxes would go up for them under President Biden, who vows to let Trump-era tax cuts on the wealthy and corporations expire at the end of 2025.<\/p>\n\n\n\n

\u201cSeconds after promising the tax cuts, Trump made his pitch explicit. \u2018So whatever you guys can do, I appreciate it,\u2019 he said.\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Bismarck Tribune<\/a>: \u201cGov. Doug Burgum accepted more than $100,000 in campaign contributions from oil company executives last fall, despite comments he made as a candidate that accepting donations from the oil industry would be a conflict of interest.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cBig Oil is big funder of Burgum inaugural\u201d<\/strong><\/p>\n\n\n\n

Trump and his billionaire Cabinet picks want to gift tax breaks to the ultra-rich and big corporations while causing an \u201cinflation bomb\u201d as part of their Project 2025 agenda.<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201c16 Nobel economists see a Trump inflation bomb\u201d<\/strong><\/p>\n\n\n\n

\u201cSixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump\u2019s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s inflation bomb: <\/strong>How his second-term plans could make it worse\u201d<\/p>\n\n\n\n

The Atlantic<\/a>: \u201cTrump\u2019s Plan to Supercharge Inflation\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cA drumbeat of reports from Wall Street economists have warned that Trump\u2019s plans could substantially slow economic growth while driving up consumer prices.\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law \u2026 Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Center for American Progress<\/a>: \u201cProject 2025\u2019s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cMillions of low- and middle-class households would likely face significantly higher taxes under the Project 2025\u2019s proposals.\u201d<\/strong><\/p>\n\n\n\n

Donald Trump spent the campaign repeatedly promising his ultra-wealthy backers political favors while begging for campaign cash.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump makes sweeping promises to donors on audacious fundraising tour\u201d<\/p>\n\n\n\n

\u201cTrump sometimes makes requests higher than his team expects to receive, sometimes surprising his own advisers because he is asking for so much money. By frequently tying the fundraising requests within seconds of promises of tax cuts, oil project infrastructure approvals and other favorable policies and asking for sums more than his campaign and the GOP can legally accept from an individual, Trump is also testing the boundaries of federal campaign finance laws, according to legal experts.<\/strong><\/p>\n\n\n\n

\u201cIn one recent meeting staged by his Save America super PAC, Trump asked oil industry executives to raise $1 billion for his campaign and said raising such a sum would be a \u2018deal\u2019 given how much money they would save if he were reelected as president.<\/strong><\/p>\n\n\n\n

\u201cTrump has met with an assortment of real estate, legal, finance, oil and other business executives in recent months, according to people familiar with invitation lists. He has often promised agenda items they would like passed as part of his broader fundraising pitch, and sometimes has asked allies to bundle millions or more<\/strong>, according to people close to the former president.\u201d<\/p>\n\n\n\n

Trump\u2019s utter failure of an economic record put working people last by rigging the economy for billionaires, skyrocketing the deficit, and creating new incentives for companies to ship jobs overseas.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Vox<\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cThe 2017 corporate tax cuts signed into law by Mr. Trump have not increased government revenue \u2026 In fact, they have had the opposite effect.\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump promised \u2018America First\u2019 would keep jobs here. But the tax plan might push them overseas.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In response to several of Donald Trump\u2019s billionaire Cabinet nominees kicking off their hearings on Capitol Hill today, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cDonald Trump\u2019s billionaire Cabinet picks aren\u2019t focused on what\u2019s best for the middle class \u2013 just what\u2019s best for their own bottom lines. On the campaign trail, […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050798","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTODAY: Trump\u2019s Billionaire Cabinet Picks Want to Give Themselves Another Round of Special Favors and Tax Handouts\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/today-trumps-billionaire-cabinet-picks-want-to-give-themselves-another-round-of-special-favors-and-tax-handouts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-16T16:11:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/today-trumps-billionaire-cabinet-picks-want-to-give-themselves-another-round-of-special-favors-and-tax-handouts\/\",\"url\":\"https:\/\/democrats.org\/news\/today-trumps-billionaire-cabinet-picks-want-to-give-themselves-another-round-of-special-favors-and-tax-handouts\/\",\"name\":\"TODAY: Trump\u2019s Billionaire Cabinet Picks Want to Give Themselves Another Round of Special Favors and Tax Handouts\u00a0 - 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